The current upheaval in international trade governance, with Trump’s return to the presidency, does not represent the death of global trade itself. But it does represent the final unraveling of the liberal institutional framework that emerged triumphant in the 1990s. The World Trade Organisation (WTO), as the institutional embodiment of this liberal paradigm, finds itself in a systemic crisis. Although the WTO crisis started before Trump’s two terms of office, what we see now is a critical moment which requires a fundamental reconceptualisation of international economic governance.

The 1990s marked the zenith of liberal multilateralism in trade governance. It was characterised by unprecedented coordination among major powers pursuing market liberalisation.

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